TCS bags 600 million pounds Phoenix Group deal

CIOTechOutlook Team | Wednesday, 08 February 2023, 06:20 IST

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The leading long-term savings and retirements provider in the UK, Phoenix Group, and Tata Consultancy Services have expanded their partnership. The extended agreement, worth £600 million ($0.72 billion), is the company's largest this fiscal year.
 
Using the TCS BaNCS-based platform, TCS will digitally transform Phoenix Group's ReAssure business.
 
The Phoenix Group originally awarded TCS a deal in 2019 that was worth more than $2 billion.
 
“This transformation will ensure that Phoenix’s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform,” said Brid Meaney, CEO of Heritage Division, Phoenix Group.
 
Strategically, this business transformation programme will incorporate the ReAssure business within the Phoenix Group's platform.
 
“Customer experience transformation has been a cornerstone of the TCS BaNCS platform’s value proposition. Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry,” said R Vivekanand, President, BFSI Products & Platforms, TCS.
 
ReAssure, a UK-based provider of life insurance, was acquired by Phoenix Group in 2020. TCS has since been brought on board to improve the customer experience for ReAssure's policyholders. ReAssure's operations will change as a result of the enlarged relationship, with the heritage business being consolidated on the same TCS BaNCS-based digital platform used to manage Phoenix Group's other books of business.
 
On behalf of Phoenix Group, Diligenta, a regulated subsidiary of TCS in the UK, will handle customer administration and servicing for ReAssure's 3 million policies.
 
Through self-service across channels and analytics, TCS' solution will assist Phoenix in transforming end-to-end customer care to increase customer happiness and retention.
 
TCS will make use of its Innovation Lab in the UK, where its contextual specialists and solution architects are creating the experience for policy holders, advisers, employers, and operational personnel, as well as enhancing the level of service provided to Phoenix Group's clients.
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